Equity research analysts expect Washington Trust Bancorp, Inc. (NASDAQ: WASH – Get a rating) will post revenue of $53.40 million for the current fiscal quarter, Zacks reports. Two analysts have made earnings estimates for Washington Trust Bancorp, with the highest estimate of sales at $53.50 million and the lowest estimate at $53.30 million. Washington Trust Bancorp posted sales of $58.85 million in the same quarter last year, which would indicate a negative growth rate of 9.3% year over year. The company is expected to announce its next results before the market opens on Monday, January 1.
According to Zacks, analysts expect Washington Trust Bancorp to report full-year sales of $220.80 million for the current fiscal year. For next year, analysts expect the company to post sales of $237.05 million, with estimates ranging from $233.40 million to $240.70 million. Zacks Investment Research sell averages are an average based on a survey of sell-side analysts who provide coverage for Washington Trust Bancorp.
Washington Trust Bancorp (NASDAQ: WASH – Get a rating) last released its quarterly results on Wednesday, January 26. The financial services provider reported EPS of $1.15 for the quarter, beating the consensus estimate of $1.01 by $0.14. The company posted revenue of $58.05 million for the quarter, versus analyst estimates of $55.65 million. Washington Trust Bancorp had a return on equity of 13.94% and a net margin of 31.26%. In the same quarter a year earlier, the company posted earnings per share of $1.07.
Several research analysts have commented on the company. Zacks Investment Research upgraded Washington Trust Bancorp from a “sell” rating to a “hold” rating in a Friday, Jan. 7 research report. Piper Sandler downgraded Washington Trust Bancorp from an “overweight” rating to a “neutral” rating and set a price target of $56.00 for the stock. in a research report Thursday. To finish, StockNews.com began covering Washington Trust Bancorp in a research report on Thursday, March 31. They have placed a “holding” rating on the stock.
Several hedge funds have recently changed their positions in the company. Bradley Foster & Sargent Inc. CT bought a new position in Washington Trust Bancorp stock in Q4, valued at around $209,000. Norges Bank bought a new equity stake in Washington Trust Bancorp in the fourth quarter, valued at around $8,131,000. Barclays PLC increased its stake in shares of Washington Trust Bancorp by 7.9% in the fourth quarter. Barclays PLC now owns 39,995 shares of the financial services provider valued at $2,254,000 after buying an additional 2,940 shares last quarter. BlackRock Inc. increased its stake in shares of Washington Trust Bancorp by 2.0% in the fourth quarter. BlackRock Inc. now owns 1,540,201 shares of the financial services provider valued at $86,820,000 after buying an additional 29,642 shares last quarter. Finally, Mystic Asset Management Inc. bought a new equity stake in Washington Trust Bancorp in the fourth quarter valued at around $260,000. Institutional investors hold 76.86% of the company’s shares.
WASH traded at $0.36 during Friday’s trading, reaching $48.80. 58,912 shares were traded, against an average volume of 65,253. The company has a market capitalization of $845.70 million, a P/E ratio of 11.12 and a beta of 0.74. Washington Trust Bancorp has a 1-year minimum of $46.35 and a 1-year maximum of $60.96. The stock has a fifty-day moving average price of $54.17 and a two-hundred-day moving average price of $55.47. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt ratio of 0.30.
The company also recently announced a quarterly dividend, which was paid on Friday, April 8. Shareholders of record on Friday, April 1 received a dividend of $0.54. The ex-dividend date was Thursday, March 31. This represents an annualized dividend of $2.16 and a dividend yield of 4.43%. Washington Trust Bancorp’s dividend payout ratio (DPR) is currently 49.20%.
About Washington Trust Bancorp (Get a rating)
Washington Trust Bancorp, Inc. operates as a bank holding company for The Washington Trust Company, of Westerly, which provides various banking and financial services to individuals and businesses. The Company operates in two segments, commercial banking services and wealth management services. The Commercial Banking segment offers various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages and construction loans; commercial and industrial loans; residential real estate loans which consist of homeowner mortgages and construction loans; and consumer loans including home equity loans and lines of credit, personal installment loans and personal loans secured by general aviation aircraft.
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